Shafaq News/ The Kurdish Ministry of Natural Resources expressed willingness to cooperate and support American oil and gas companies interested in investing in the Kurdistan Region.

This announcement came during a meeting held on Tuesday between Minister Kamal Muhammad Salih and representatives from the Kurdistan Regional Government (KRG), the Kurdistan American Chamber of Commerce, and a delegation of American oil and gas companies.

During the meeting, Minister Salih emphasized the significance of the oil and gas export agreement between the Kurdish and Iraqi governments, highlighting the importance of cooperation and adherence to the terms of the agreement.

David Tavor, the head of the Kurdistan American Chamber of Commerce, stated that his visit aimed to facilitate constructive dialogue between American companies, senior officials in the Kurdistan Region, and potential investors, particularly in the oil and gas sector.

The American companies in attendance expressed keen interest in investing in the Region's oil and gas fields.

Minister Salih addressed the inquiries of the attending companies and assured them of the ministry's readiness to assist and support their investment efforts in the Kurdistan Region.

Iraqi Kurdistan is known for its significant oil and gas reserves.

The discovery of extensive oil fields in the early 2000s has attracted international attention and investment.

The Kurdistan Regional Government (KRG) has pursued an independent oil and gas policy, granting contracts to international oil companies for exploration and production activities.

The Kurdistan Region has managed to export oil independently through the Kurdistan-Turkey pipeline, bypassing the central government in Baghdad. This has allowed the Region to generate significant revenue and attract further investment in its energy sector.

However, exporting oil independently has also raised political and economic issues, particularly regarding revenue sharing and the broader political dynamics between the KRG and the central government of Iraq.

On March 2023, Turkey halted the flow of 450,000 barrels per day (bpd) of northern exports through the Iraqi-Turkish pipeline after the International Chamber of Commerce ruled in favor of Iraq in an arbitration case.

The Kurdistan Regional Government was exporting most of the oil through the pipeline.

The International Criminal Court has ordered Turkey to pay Baghdad $1.5 billion in compensation for damages caused by the KRG's "illegal" oil exports between 2014 and 2018.